Top Three Premium Watches

Patek Philippe Nautilus Ref. 5711, Audemars Piguet Royal Oak ‘Jumbo’ Extra-Thin Ref. 15202, Rolex Daytona Ref. 116500LN. These are the watches known as the ‘Big 3’ that have seen the steepest and highest premium increases in the secondary market. Traditionally, The ‘Big 3’ referred to Patek Philippe,
Audemars Piguet, And Vacheron Constantin, Also known as the ‘Holy Trinity’. However, As premium has become a key value criterion for watches, It is only natural that Rolex, Which is experiencing extreme shortages worldwide, Has joined the ‘Big 3’ of the secondary market. The current premium status of each model is as follows.

Big 3 Watch Resale Price Trends Over the Past 3 Years (Unworn New Condition)
ⓒ VIVER Index

Patek Philippe Nautilus Ref. 5711 / ⓒ Time4diamonds

Patek Philippe Nautilus Ref. 5711

For the Patek Philippe Nautilus Ref. 5711, The retail price was about 40 million KRW (as of 2018), But the resale price (all global standards) soared to nearly 80 million KRW from 2021 when the luxury sports watch craze hit. When Patek Philippe CEO Thierry Stern announced the discontinuation of Ref. 5711 in early 2022, The resale price skyrocketed to a record 250 million KRW. After the release of the white gold version of the successor Ref. 5811 in October 2022, The price has now stabilized at around 160 million KRW, Returning to a more stable level before the discontinuation announcement. Still, Compared to the retail price, It boasts an enormous premium of nearly three times.

Nautilus 5711/1A-010

40mm, Blue

Nautilus 5711/1A-011

40mm, White

Audemars Piguet Royal Oak ‘Jumbo’ Extra-Thin Ref. 15202
ⓒ Audemars Piguet

Audemars Piguet Royal Oak ‘Jumbo’

Audemars Piguet Royal Oak ‘Jumbo’ Extra-Thin Ref. 15202 was always produced in very limited quantities. The nickname ‘Jumbo’ comes from the 39mm case of the first Royal Oak Ref. 5402, Released in 1972, Which was exceptionally large for its time. By modern standards, It is actually on the smaller side, But as the direct descendant of Ref. 5402 and the foundation of the Royal Oak, Ref. 15202 also has a 39mm case and shares the same nickname. Before the luxury sports watch trend, It was not particularly difficult to purchase this watch at boutiques.
In fact, It was considered a more niche model than the Royal Oak Selfwinding Ref. 15400 (now Ref. 15500). However, As we entered 2021, The resale price soared past 100 million KRW and reached 200 million KRW in early 2022. Now, It is traded in the low 100 million KRW range. Ref. 15202 was succeeded by Ref. 16202 last year to mark the 50th anniversary of the Royal Oak. Audemars Piguet still carefully manages production volume, So the secondary market trends will remain interesting.

Royal Oak "Jumbo" Extra-Thin 15202ST.OO.0944ST.03

39mm, Blue

Royal Oak "Jumbo" Extra-Thin 15202ST.OO.1240ST.01

39mm, Blue

Rolex Daytona Ref. 116500LN / ⓒ Professionalwatches

Rolex Daytona Ref. 116500LN

Meanwhile, The Rolex Daytona is best represented in the secondary market by the ceramic bezel equipped Ref. 116500LN (2016–2022), Nicknamed ‘Ceratona’. There is a tendency to prefer the white dial over the black dial. The retail price was less than 20 million KRW, But the resale price soared to more than three times that as discontinuation approached. Recently, It has been maintaining a price in the high 40 million KRW range.

Daytona 116500LN

40mm, White, Oyster

Daytona 116500LN

40mm, Black, Oyster

Naturally, New pieces of these three models are called ‘Holy Grail’ or ‘Unicorn’ among watch enthusiasts and are virtually priceless. This raises a question. Why are stainless steel sports watches from certain brands, Not even adorned with precious metals or gems, So popular?

The ‘Original’ Luxury Sports Watch

The basic concept of a luxury sports watch is a waterproof stainless steel watch with a barrel-shaped case and integrated bracelet. Of course, If it is a creation of a high-end watchmaker, It must be supported by outstanding craftsmanship and finishing inside and out. Original design is also an important factor.

From left: Gérald Genta, Royal Oak, Nautilus

Both the Patek Philippe Nautilus and Audemars Piguet Royal Oak, Which are the most popular in the luxury sports watch field, Were designed by the same person. That is Swiss watch designer Gérald Genta, Known as the father of luxury sports watches. Luxury sports watches, Which pioneered a new era of sports watches in the 1970s, Began to rise rapidly around 2018. The characteristics of steel sports watches matched the trend of luxury casual lifestyles driven by social media, And also lowered the entry barrier to high-end watches for consumers, Breaking away from the traditional conservative image. Recently, Many mid-range brands have also released ‘Genta-style’ sports watches. This may be why original designs are even more highly valued. The premium is proof of this. Among the ‘Big 3’ in the secondary market, Both the Patek Philippe Nautilus and Audemars Piguet Royal Oak ‘Jumbo’ Extra-Thin are models that can be considered the origin of luxury sports watches.

The Immortal Icon, Rolex Daytona

Daytona Ref. 116500LN / ⓒ Hodinkee

The Rolex Daytona was not designed by Gérald Genta and does not have an integrated case and bracelet. In fact, Rolex has always pursued practical watches since its inception. That philosophy has made Rolex unique in its current position. This is why Rolex is always held in special regard, Even without expensive complications or limited edition strategies. Since 1963, The Daytona has been Rolex’s only chronograph and an icon of sports chronographs, Consistently loved by watch enthusiasts. Ref. 116500LN was already hard to obtain even before the luxury sports watch boom. There was a long waiting list even before its release, And with the popularity of luxury sports watches, Its value soared. As a result, It now stands shoulder to shoulder with the two models considered the essence of luxury sports watches.

The ‘Holy Grail’ is Eternal

At this point, One may wonder how long the premium of the ‘Big 3’ will last. The graph shows that prices started to decline after peaking in 2022. Is this the start of a downturn or just a short-term correction? There are many complex reasons, But it is primarily related to the end of the pandemic. The period when luxury sports watches surged and the ‘Big 3’ watches gained exponential premiums coincided with the global COVID-19 pandemic. Liquidity increased as part of economic stimulus, Asset values rose, And consumption naturally increased. The luxury market especially benefited. As the pandemic ended and the opposite situation occurred, Consumer sentiment seems to have declined. Now may actually be a good time to search for the ‘Holy Grail’. The value of the ‘Big 3’ is not expected to fade easily.

These watches have something in common. That is rarity. All three models saw their resale prices soar once they became hard to obtain for any reason. Now, Coincidentally, All have been discontinued and replaced by successor models. Like a popular wine’s ‘old vintage’, Demand inevitably exceeds supply. This is a time when a reliable secondary market is more important than ever. VIVER added Patek Philippe as a new tradable brand on May 31, Following Rolex and Audemars Piguet. Opportunity comes to those who are prepared, Or rather, Those who are waiting.